Report: #1042956

Complaint Review: KAIKU PREPAID CARD

  • Submitted: Sat, April 13, 2013
  • Updated: Tue, April 23, 2013
  • Reported By: CHIACHEN — CHINO HILLS California
  • KAIKU PREPAID CARD
    3435 E. Thousand Oaks Blvd., #3129
    Thousand Oaks, California
    United States of America

Show customers why they should trust your business over your competitors...

KAIKU closed my account and refuse to issue me a paper check of the remaining balance on the card. I had asked them for a copy of monthly statement, but no reply. I had ask them why there was a hold on my account, NO REPLY. I had e-mailed the RISK_CONTROL department my photo ID and a credit card statement from Jan~March. All I got was an e-mail saying that my account will be closed. I had wrote another e-mail to "RISK_CONTROL" department, demanding a paper check of my balance to be send to my address that they have on file since AUGUST of 2012, THEY refused. In their cardholder agreement, it clearly states "...if we cancel your Card privileges for any reason, we will send a refund of the balance remaining on the Card, after deducting fees and charges owed to us and any outstanding transactions, to you at the address shown in our records". THEY DID NOT HONOR THAT. 
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This report was posted on Ripoff Report on 04/13/2013 07:07 AM and is a permanent record located here: http://www.ripoffreport.com/reports/kaiku-prepaid-card/thousand-oaks-california-91362/kaiku-prepaid-card-closed-my-account-and-refuse-to-release-my-funds-thousand-oaks-calif-1042956. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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Updates & Rebuttals

REBUTTALS & REPLIES:
1Author
6Consumer
0Employee/Owner

#1 Consumer Comment

Kaiku is closed

AUTHOR: Pissedconsumer - (USA)

 This horrible company took my income tax return and will not release it. They have used my money on my account and have not sent me a check when I have demanded that I get one. I have to hire a team of lawyers just to receive my money. They solictated my tax preparer for business and many other tax companies and have locked many peoples money away for thier own use. This place scammed us all read the reviews across the internet. They have been under investigation for years and finally they are closing. This place won't respond to any emails and will change up your security questions so you can not look into your account. I need my money and I am going to get a class action lawsuit going who wants in?

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#2 Consumer Comment

they make you jump through hoops

AUTHOR: kimberly - ()

the rebuttal sounds fradulent. the company must have looked up last names and are given out this persons personal information. how do they know they are writing about the right person. they have placed a hold on my account. i have had the account for 7 months. my school has deposited twice and i have deposited a few bucks from my bank account to cover fees. they have put a hold on my funds and the foreign csr said the deposit from western union-its not from western union but a different western.

i have bills to pay. once my funds are released i will cancel this account. they waited untill i had funds to do this. in 7 months they just felt the need to hold funds. dont use them. me and the original poster made a costly mistake. ps i have to know scan to email a drivers license, mail, and the last deposit amount. i will never use them again. used different state so i wont be harassed

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#3 Consumer Comment

Keeping money is vital to our profit$

AUTHOR: Computer Nerd - ()

This is typical bank BS How do  they supposedly know the cardholder name when it is not mentioned in this report? This is just a pre made response for damage control  they hide behind Gov regulations to keep someone's money I had these same problems with green dot at least green dot eventually gave me back my money I would run far away from these companies and they ripoffs. I am not the original poster...
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#4 UPDATE Employee

Response to 2nd Allegations

AUTHOR: Kaiku Finance LLC - ()

Prepaid cards are financial instruments regulated by federal banking laws.  Kaiku has followed all applicable law and acted in accordance with best practices in the financial services industry in determining the outcome of Mr. Changs account.  There were numerous factors indicating that this cardholder account was being used to perpetrate fraud. The source of the funds is not a savings account, but from another Kaiku cardholder who has also had their account blocked for suspicion of fraud.

At this point, BSA laws govern what Kaiku can do with the funds. Account monitoring is required by Federal Law and is an important part of protecting our Cardholders and the integrity of our Card program.
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#5 Consumer Comment

Standard BS

AUTHOR: Computer Nerd - ()

How can the card issuer supply this detailed information?

There is NO identifying account information on this site

So how can they know specific details?

Typical bank BS to cover their ripoffs of consumers

These ripoffs always post this garbage for "damage control"
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#6 Author of original report

NONE SENSE

AUTHOR: BAY CHANG - ()

WHAT FRAUDULANT ACTIVITY. I'M THE CARDHOLDER, SINCE I PUT MONEY IN THE ACCOUNT, I'LL SPEND IT HOWEVER I WANT. YOU CAN'T EVEN PROVIDE ME A LIST OF WHERE MY MONEY IS GOING TO. I'VE TRANSFERED MONEY FROM MY SAVINGS ACCOUNT AND OTHER ACCOUNTS TO THIS CARD. I WOULD LIKE TO KNOW WHERE MY MONEY IS GOING TO SO I COULD VERIFY THE BALANCE. I'VE ALREADY SEND YOU A COPY OF MY VALID CALIFORNIA PHOTO ID. I DON'T KNOW WHAT ELSE YOU NEED. I'M CURRENTLY ON A VACATION IN TAIWAN, I'VE REQUESTED TWICE IN THE E-MAILS THAT YES I WANT A STATEMENT OF THE TRANSACTION HISTORY AND THE REASON WHY THIS HAS HAPPENED. AT THIS POINT I COULD CARELESS ABOUT THIS CARD, BUT I DO NEED TO KNOW WHERE MY MONEY IS GOING TO. I JUST DONT UNDERSTAND HOW CAN YOU SAY IT'S A FRAUDULANT ACCOUNT AFTER YOU'VE ALREADY VERIFIED I'M THE ACCOUNT HOLDER. 
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#7 UPDATE Employee

KAIKU's Response

AUTHOR: Kaiku Finance LLC - ()

KAIKU followed standard banking practices to block an account when there are multiple factors which suggest potential fraud. Account monitoring is required by Federal Law and is an important part of protecting our Cardholders and the integrity of our Card program. On 4/5/13, the account was blocked because there were factors indicating fraudulent use of the account; therefore, proof of identity and address were requested.

On 4/6/13, the documents were received by KAIKU. On 4/11/13, after a review of the documents received and an evaluation of the spending pattern of the Cardholder, he was advised that the account would be closed and the funds would be sent back to the originator. The Cardholder was also told that he could obtain a statement of the reasons for the decline by contacting us in writing at the following P.O. Box 3129, Thousand Oaks, CA 91359 within 30 days of receiving the notification.

At this time, KAIKU has not received the required written request. Per the cardholder agreement, we may refuse to issue a Card, revoke Card privileges or cancel your Card with or without cause or notice, other than as required by applicable law. The portion of the cardholder agreement that the cardholder is referencing is being used out of context.  The quoted portion refers to a card that is in active status and has a balance but the card has expired.  The full text of that provision from the cardholder agreement is If there is a balance remaining on the Card upon expiration, the balance will be transferred to a new Card.

If we do not choose to issue a new Card to you or if we cancel your Card privileges for any reason, we will send a refund of the balance remaining on the Card, after deducting fees and charges owed to us and any outstanding transactions, to you at the address shown in our records.  This cardholder is in a fraud status. Federal law and our issuing bank restrict us in what we can do about giving  the cardholder access to the funds, when there are red flags surrounding the cardholder and the source of the funds.
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